Following several failed attempts to resolve pending issues, crude oil refinery operators have confirmed that the volume of crude oil required for the production of refined petroleum products by modular refineries is not being met by the Federal Government.

It was also gathered that all functional modular refineries in Nigeria are refining below capacity and making losses daily.

“All (modular refineries) are refining below capacity and making losses daily, as the only feedstock currently available to them is what those that have marginal fields are producing, or what they can buy from indigenous companies around them that have marginal fields,” said Dolapo Kotun, the Deputy Chairman of the Crude Oil Refinery Owners Association of Nigeria (CORAN).… Read the rest

Increased crude production by Iran, Nigeria and Iraq, inspired a boost in the August production by the Organisation of Petroleum Exporting Countries, the group said.

Oil production from the 13 members of the organisation, OPEC, averaged 27.45 million barrels per day (mb/d) in August 2023, higher by 113 thousand barrels per day (tb/d) on a month-on-month, OPEC said in its Monthly Oil Market Report released Tuesday.… Read the rest

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Tuesday announced the outcome of the bidding exercise for the Nigerian gas flare commercialisation programme.

The Nigerian government launched the National Gas Flare Commercialisation Programme in 2016 to involve third-party investors or off-takers in harnessing gas released as a byproduct of oil production.

The programme was one of the government’s initiatives to drive the attainment of zero routine gas flaring by 2035 and net zero emissions by 2060 in the country.… Read the rest